Tharisa "cautiously optimistic" after tough year for PGMs
London, UK
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December 14, 2023 09:00 AM Eastern Standard Time
Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) CEO Phoevos Pouroulis speaks to Thomas Warner from Proactive after the mining company published its annual report for a 2023 characterised by challenges not only for Tharisa but for the wider platinum group metals (PGM) sector.
Pouroulis discusses what he has called the company's resilience amid a challenging year marked by weather impacts, declining platinum group metals (PGM) prices, and South African infrastructure issues. Despite these challenges, Tharisa maintained steady chrome production at 1.58 million tonnes, benefiting from a 25% increase in prices of the metal.
The company navigated electricity and logistics problems, ensuring timely delivery to customers and achieving a healthy return despite the lower earnings from PGMs. Pouroulis highlights Tharisa's adaptability and strategic focus on co-producing PGM and chrome concentrates.
Addressing the lengthening of the Karo platinum project timescale, he expresses cautious optimism for the PGM market's recovery, citing potential global economic shifts and growing recognition of mining's role in sustainable development.
Financially, he says Tharisa boasts a strong balance sheet with over $269 million in cash and equivalents, enabling investment in current operations, technological advancements, and consistent dividend payments since 2016.
Pouroulis also reveals Tharisa's focus on innovation through subsidiary Redox One, developing grid-scale energy storage solutions using chrome and iron from Tharisa mines. This development aligns with the company's commitment to a circular economy and addresses broader energy storage needs.
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